IP References is a new management reference check research product built from internal executive interviews and public record research and investigations. It aims to share insight into the personality and character of leading figures at public companies we study. Each reference check is built from 10+ hours of private executive interviews plus 50+ hours of investigations, research, and public record searches. 

Why are we launching this product?

Put simply, because people are the major driver of long-term performance for any company. And CEOs and senior executives are often trained and polished public speakers. Their real character and competence shines through day-to-day on the shop floor. We believe well-crafted interviews with former colleagues combined with rigorous public record and investigative research can provide more accurate insight into the people largely responsible for our capital as investors. 

Similar to the positioning of our core interview library, we believe there is a position in the market for us to provide the highest-quality management reference checks. Focused on quality over volume. We aim to combine an understanding of the core drivers of the investment thesis with interview techniques to surface examples and stories that highlight a person’s character, competence, and personality. We will focus on companies we know well, where we believe we can add value, and where there are credible former colleagues we can interview.  

Each IP Reference Check is available as a separate report to purchase. Given the nature of this work, the reference checks are not included in any existing subscription and are strictly confidential, not available for redistribution. 

The first Reference Check covers Constellation Software. On the 25th September, Mark Leonard announced he is stepping down as President of Constellation Software for health reasons and that Mark Miller is his replacement. For the last month, we have conducted over 15 hours of private and published interviews with former Group, Portfolio and M&A Leaders of Volaris and board members of non-CSI companies that Miller has been involved in to understand more about the new CSI leader.  

Volaris Org Structure, In Practise Research
Volaris Org Structure, In Practise Research

Although we’ve been big fans and studying Constellation Software for ~10 years, producing this report provided a deeper level of insight into the company and its culture than we expected. We plan to replicate our IP Reference Check process for many other companies over the coming years. Please reach out if you’re interested in this report or would like to suggest a company for us to cover.